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Section 2: Economic events

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Canada

ConocoPhillips and Total SA approved a multi-billion dollar expansion to their joint Surmount oilsands operations to quadruple production to 110,000 barrels per day. ExxonMobile and Imperial Oil started work on the first stage of their $8 billion Kearl oilsands project. Husky Energy announced it will proceed with its $2.5 billion Sunrise oilsands project, with costs down over $1 billion from earlier estimates. Canadian Natural Resources will proceed with Kirby, a new project expected to produce 45,000 bpd, and Cenovus Energy approved a fourth expansion of its Christina Lake project, boosting production by 40,000 bpd. Enbridge will build new pipeline and terminal facilities worth $250 million to accommodate increased crude volumes from the Christina Lake project. Shell scaled back further expansion plans for its oilsands project but will spend $16 billion (US) to increase production to 250,000 bpd this year.

Quebec and New Brunswick unveiled an amended $3.2 billion energy deal in which NB retains ownership of its transmission systems while giving Hydro-Québec the right to use those lines to send power to US markets.

Ontario announced a 20-year deal with Samsung to develop a $7 billion wind and solar power project in the province that will produce energy equivalent to 4% of Ontario’s total power consumption. TransAlta will spend $100 million to expand its Kent Hills wind facility in New Brunswick. Ten community wind turbine contracts valued collectively at $50 million received approval by Nova Scotia Power.

GM agreed to sell Saab Automobile to Spyker Cars of the Netherlands in a $400 million (US) deal. Ford announced it will add a second shift at its Chicago assembly plant, creating 1,200 jobs and will hire new union workers at significantly reduced pay, invoking for the first time a 2007 labour contract agreement. Toyota halted sales and production of eight models across North America after 2.5 million vehicles were recalled because of accelerator pedals, shutting six assembly plants including two in Ontario. Ford stopped production of some commercial vehicles built by a Chinese joint venture because they have accelerator pedals built by the same parts supplier.

World

The US Federal Reserve announced profits of $52.1 billion (US) in 2009, mostly on loans to banks and bond purchases.

The People’s Bank of China raised its reserve requirements for commercial banks half a percentage point to 16%.

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